What are omnichannel payments? (plus the benefits of offering a unified payment experience)

Payment transaction types and touchpoints are becoming more accessible and diverse. Online and offline payments, credit cards, digital wallets, and ACH — the more commerce intersects with our daily lives, the higher the expectations for simple and intuitive payments. Business frequently overlaps online and off, in one channel or another, and if consumers can make a payment one way somewhere, they want to make it everywhere. Software companies need a strategy that can evolve with that demand. They need omnichannel payments.

What are omnichannel payments?

Online or in-person, omnichannel payment solutions integrate multiple methods and systems into a singular experience for businesses. These solutions offer a spectrum of supported payment methods across card-present and card-not-present transactions.

Still getting up to speed on omnichannel payments? No problem. Check out our blog post: Omnichannel payments explained, for answers to top-of-mind questions.

Benefits of adding omnichannel payments to your software platform

While by no means a new approach, for software companies wanting to make their subscribers’ lives easier, omnichannel payments are now mission critical. It’s no longer a “nice to have,” but a must for a unified, secure, and seamless payment journey. Other companies will and already do use omnichannel payments to improve their subscriber experience. So, to continue attracting merchants and stay competitive, it’s a clear step in the right direction. But there’s a lot more than keeping up with the industry pace that makes an omnichannel payments solution beneficial. Let’s see what incorporating omnichannel payments into your strategy can do for your subscribers, their customers, and you.

• Streamline operations

  Using automated workflows, omnichannel payments do away with most manual and end-of-day tasks. Automation alone, while a significant effort, effectively boosts operational efficiency. Omnichannel payments solutions also unify transaction data, simplifying tracking and viewing processes across channels and devices. That means teams are free to tackle other pressing business challenges. And with everything all in one place, your subscribers can significantly reduce data discrepancies, improving business operations.

• Improve merchant insights

  From payment method preferences to customer platform behaviors, omnichannel payments solutions give your merchants a comprehensive view of their audience. Access to that information in one portal empowers merchants to improve reporting, inform their approach, and drive revenue. They get visibility into extensive transactional histories and habits, giving them a better sense of the customers they serve and the transaction trends that will benefit them. It’s an effective way to encourage subscribers to regularly evaluate their approach to achieve optimal outcomes.

• Build loyalty through flexibility

  Robust omnichannel engagement strategies — with integrations, payment channel options, and customer experience optimization That’s not insignificant. With a unified payment stack, your subscribers can confidently expand their payment options to meet customers where they are, in whatever way they want to pay. Merchants can deliver a consistent, frictionless experience and drive retention by giving customers one more reason to return. And when if their preferred payment method isn’t available – investing in that flexibility can really make a difference.

A win-win-win: Omnichannel payments present endless possibilities for software providers, subscribers, and cardholders

Omnichannel payments create a seamless, reliable, efficient, and unified experience. Your subscribers can streamline their operations, improve reporting, and more — all while offering their customers more flexibility. And that’s just skimming the surface. The realm of omnichannel payments is ever-evolving and it’s that limitless possibility that makes it the most exciting. 

Using embedded payments allows you and your merchants to customize the payments experience — our Omnichannel Payments eBook shows how it can be more connected. At Payrix, we’re committed to giving software companies the tools and guidance to serve their merchants and realize whatever “next” they envision. Because with the right partner to help you adopt omnichannel payments and adapt as you grow, there’s no telling what futures you can create.  

For a step-by-step guide on how to create a more unified payment experience for your merchants and their cardholders, download our Omnichannel Payments eBook.